In a recent published report, Kenneth Research has updated the market report for Agricultural Micronutrients Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Agricultural Micronutrients Market products.
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According to the statistics by the Organization for Economic Co-operation and Development (OECD), production of maize increased from 8.28 tonnes/hectare in the year 2010 to 9.48 tonnes/hectare in the year 2019.
Factors such as the increasing crop production worldwide and the concern for the decreasing arable land for the cultivation of crops, which is raising the need amongst farmers to develop modern agricultural methods that provide increased yield with low input resources, are anticipated to drive the growth of the market. According to the statistics by the Organization for Economic Co-operation and Development (OECD), production of maize increased from 8.28 tonnes/hectare in the year 2010 to 9.48 tonnes/hectare in the year 2019.
Global Agricultural Micronutrients Market was valued at USD 5.85 Billion in the year 2017. Global Agricultural Micronutrients Market is further estimated to grow at a CAGR of 8.10% from 2018 to reach USD 10.88 Billion by the year 2025. Asia Pacific region holds the highest Market share in 2017 and is considered as the fastest growing Market in the forecasted period due to growing demand for Agricultural Micronutrients and strongly developing agriculture sector. At a country level, India holds the notable Market share and is projected to grow strongly in the coming due to leading agriculture commodities producer and stands at the second position in terms of agriculture production.
Major market players in Agriculture Micronutrients Market are The DOW Chemical Company, Agrium, Land O’lakes, The Mosaic Company, Yara International, FMC, Akzonobel N.V., BASF SE, Nufarm Ltd, Haifa Chemicals Ltd., Helena Chemical Company, Coromandel International, and overview of 10 companies is provided in the erport. Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.
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SWOT Analysis Agriculture Micronutrients Market:
Strength:
Growing need of high quality crops
Increasing focus on agricultural productivity
Weakness:
Low awareness about micronutrients products
Opportunities:
High opportunities in the developing region
Threats:
Micronutrient toxicity
The segmentation are done on the basis of type, by forms, by crop type and by region. On the basis of types, the global Agricultural Micronutrients Market is sub segmented as zinc, copper, iron, manganese, boron, molybdenum and others of which the zinc segment is expected to hold the highest Market share during the forecast period and have high adoption rate mainly in developed countries.
Agricultural Micronutrients Market Segmentation:
By Type
*Zinc
*Copper
*Iron
*Manganese
*Boron
*Molybdenum
*Others
By Form
*Chelated
*Non-Chelated
By Crop Type
*Cereals & Grains
*Fruits & Vegetables
*Oilseeds & Pulses
*Others
By Region
North America
*USA
*Canada
Europe
*Germany
*U.K.
*France
*Italy
*Rest of Europe
APAC
*China
*India
*Japan
*Rest of Asia-Pacific
RoW
*Latin America
*Middle East & Africa
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